A Quote by Edmund Phelps
'Egalitarians' who complain about inequality view the wealth of the wealthiest as bad in itself: it disfigures society. They would enact a wealth tax to extirpate the offending wealth.
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Bare-faced covetousness was the moving spirit of civilization from its first dawn to the present day; wealth, and again wealth, and for the third time wealth; wealth, not of society, but of the puny individual, was its only and final aim.
If you don't put a value on money and seek wealth, you most probably won't receive it. You must seek wealth for it to seek you. If no burning desire for wealth arises within you, wealth will not arise around you. Having definiteness of purpose for acquiring wealth is essential for its acquisition.
In my view, there is no justice when the 15 wealthiest people in this country in the last two years, saw their wealth increase by $170 billion. That is more wealth acquired in a two year period than is owned by the bottom 130 million Americans.
The distribution of wealth is even more unequal than that of income. ...The wealthiest 5% of American households held 54% of all wealth reported in the 1989 survey. Their share rose to 61% in 2010 and reached 63% in 2013. By contrast, the rest of those in the top half of the wealth distribution ?families that in 2013 had a net worth between $81,000 and $1.9 million ?held 43% of wealth in 1989 and only 36% in 2013.
If exclusive privileges were not granted, and if the financial system would not tend to concentrate wealth, there would be few great fortunes and no quick wealth. When the means of growing rich is divided between a greater number of citizens, wealth will also be more evenly distributed; extreme poverty and extreme wealth would be also rare.
I have drifted away from thinking about these philanthropic things. And it was only as the wealth got large enough and Melinda and I had talked about the view that wealth wasn't something that would be good to just pass to the children.
We are looking for a Wealth Tax that will bring in sufficient revenue to justify having a wealth tax.
One way to have broader access to wealth is to reduce the tax on the large group and increase the tax on the very top so concentration of wealth doesn't get to extreme levels.
Suddenly absurdism wasn’t an intellectual abstraction, it was actually realism. You could see the way that wealth was begetting wealth, wealth was begetting comfort — and that the cumulative effect of an absence of wealth was the erosion of grace.
Wealth brings noble opportunities, and competence is a proper object of pursuit; but wealth, and even competence, may be bought at too high a price. Wealth itself has no moral attribute. It is not money, but the love of money, which is the root of all evil. It is the relation between wealth and the mind and the character of its possessor which is the essential thing.
Capitalism is like math. It is amoral. It is good at producing wealth; it's bad at distributing wealth. Unless it operates within a moral framework it will produce an unjust society.
My premise is not to tax to destroy the wealth of the wealthy; it's to increase the wealth of the bottom and the middle class.
Italy and France could lop off their excessive wealth through a one-time tax on private wealth.
Let us look at wealth and poverty. The affluent society and the deprived society inter-are. The wealth of one society is made of the poverty of the other. "This is like this, because that is like that." Wealth is made of non-wealth elements, and poverty is made by non-poverty elements. [...] so we must be careful not to imprison ourselves in concepts. The truth is that everything contains everything else. We cannot just be, we can only inter-be. We are responsible fo everything that happens around us.
During the last two years the wealthiest 14 Americans saw their wealth increase by $157 billion. This is truly unbelievable. This $157 billion INCREASE in wealth among 14 individuals is more wealth that is owned, collectively, by 130 million Americans. This country does not survive morally, economically or politically when so few have so much, and so many have so little.
The art of wealth-getting which consists in household management, on the one hand, has a limit; the unlimited acquisition of wealth is not its business. And therefore, in one point of view, all riches must have a limit; nevertheless, as a matter of fact, we find the opposite to be the case; for all getters of wealth increase their hard coin without limit.
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